Instead of considering Intel’s Q4 2007 and projected Q1 2008 performance as proof of any weakness in the tech industry, financial analysts should step back and consider that they, themselves may have been irrationally exuberant. Intel’s quarterly report and balance sheet reveal no pressing weaknesses. Business is strong across the entire globe, operating income and gross margins both rose significantly, and the company’s lower-than-expected first quarter revenue projection is lower than analysts would like precisely because Intel chose to err on the side of caution.